Matrixport: Bitcoin dominance hits a new cycle high, seasoned traders have rotated back from altcoins to Bitcoin
On March 12, Matrixport released a chart showing that Bitcoin's dominance has soared to a new high for this cycle, breaking through the previous peak to reach 61.2%, clearly indicating that the altcoin rebound was extremely brief. The data shows that this round of altcoin market only lasted about a month, starting from Trump's election in November 2024 and abruptly ending in early December.
The report points out that an above-expectation U.S. employment data quickly shifted the market focus, and the Federal Reserve's more hawkish stance increased downward pressure on risk assets. Although Bitcoin prices have retraced somewhat, its performance still significantly outperforms the broader market; seasoned traders have rotated back from altcoins to Bitcoin. Despite some pullback in Bitcoin’s own price, it continues to significantly outperform the broader market.
Analysts believe that current market hopes are pinned on liquidity warming up to further drive up Bitcoin prices but given the unchanged hawkish tone of the Federal Reserve, more patience may be needed for another round of increases.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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